VIENNA (AFP) – The OPEC oil cartel raised Thursday its 2011 global oil demand growth estimate in view of cold winter weather and a “sturdy” economic outlook, particularly for the United States and China.
The Organization of Petroleum Exporting Countries said it was pencilling in world oil demand growth of 1.4 million barrels per day (bpd), or 1.62 percent, to 87.74 million bpd for this year, compared with 1.23 percent previously.
“Bitter winter has been hammering most of the OECD (Organisation for Economic Co-operation and Development) region since last November leading to a noticeable increase in energy usage,” OPEC said in its latest monthly bulletin.
“Winter petroleum product consumption increased, leading to an adjustment in the total world oil demand forecast not only in 2010, but in 2011 as well.”
Furthermore, “sturdier industrial activity within the US and China, ignited by stimulus plans and government incentives, boosted demand,” it said.